Online and omnichannel retail is the new normal. In a market that is digitized and online savvy, retailers need to be fast and agile to keep their customers happy. This article looks at how e-tailers like Amazon and Flipkart have changed the face of Indian retail by forcing brick-and-mortar stores to come up with omni-channel solutions or risk extinction. Read on to know more… A recent study by Oracle revealed that out of all digital technologies, Artificial Intelligence (AI) has been adopted fastest in the retail industry. AI adoption will continue to grow in this sector going forward. There are a number of reasons for this change: consumers are demanding increased personalization from retailers, and AI can provide automated personalization through chatbots, recommendation systems, in-app messaging and much more.
Introduction to Omnichannel Retailing
Retailers that have an omnichannel strategy have an edge over their competitors. This is because they are able to offer customers more convenient shopping experiences from wherever they are: from home, at work or on the go. Online and offline retail strategies are not mutually exclusive – in fact, it’s a smart idea to integrate them. Omnichannel retailing is a combination of retail strategies, including online, mobile, in-store, mail order, and home shopping. It aims to improve the customer experience by providing a seamless shopping journey. Let’s take a look at the benefits of omnichannel retailing:
Advantages of an Omnichannel Retail Strategy
Retailers that have an omnichannel strategy have an edge over their competitors. This is because they are able to offer customers more convenient shopping experiences from wherever they are: from home, at work or on the go. Omnichannel retailing is a combination of retail strategies, including online, mobile, in-store, mail order, and home shopping. It aims to improve the customer experience by providing a seamless shopping journey. Let’s take a look at the benefits of omnichannel retailing:
Why is AI so important for retailers?
Retailers who want to win customers in this highly competitive industry will need to come up with omni-channel strategies. AI is the key technology that will give retailers the capabilities they need to be successful in this space. Here are some of the advantages of AI-powered omni-channel strategies: – Faster and more accurate insights – AI has the ability to analyse large sets of data. With AI, retailers can keep a track of customers’ shopping behaviour, product preferences and likes and dislikes. AI can also help retailers detect trends that indicate the products that customers may be interested in buying. All these insights can be used to offer better and more personalized customer experiences. – A seamless experience across all channels – A seamless experience across multiple channels is one of the key benefits of omni-channel retailing. With AI, retailers can offer customers a consistent experience across all channels, including mobile, online and brick and mortar stores.
Amazon’s omnichannel strategy
Amazon is one of the biggest e-commerce players in India. With an investment of $5 billion in the Indian market, Amazon is confident about its future in the country. Amazon has an omnichannel strategy for its Indian operations. Last year, Amazon India also launched its own logistics network in the country. The network, called Amazon Transportation Services, is being used to deliver products to customers in select cities. There is a good chance that Amazon will start integrating its own logistics network with other omni-channel solutions in the near future.
Flipkart’s omnichannel strategy
India’s number one e-commerce player, Flipkart, has been investing heavily in building its omni-channel capabilities. It acquired Mynt, a company that offers payment solutions to retailers. Flipkart also acquired a majority stake in Shopsense, a software platform that helps retailers manage their online business. With the help of these acquisitions, Flipkart has become a one-stop shop for retailers.
Conclusion
Retailers in India are increasingly adopting an omni-channel strategy to keep up with the competition. It is important to note that these strategies do not work in isolation – a retailer must have a consistent message across all channels. That’s because customers are now accustomed to shopping online and expect a consistent experience when they go to the store. They expect to be served by knowledgeable staff and be able to return or exchange items in person. To meet these expectations, retailers need to adopt omni-channel strategies. With the help of artificial intelligence-powered omni-channel solutions, retailers can offer customers a seamless experience across all channels.
